(Washington, DC) – Senator Richard Blumenthal released the following statement today after the Senate Banking Committee held a hearing on the nomination of Rich Cordray to head the Consumer Financial Protection Bureau:
“President Obama’s nomination of former Ohio Attorney General Rich Cordray to serve as the Director of the CFPB is an inspired choice – Rich has dedicated his career to protecting and educating consumers. He has vigorously pursued lenders that employed abusive and fraudulent foreclosure practices like robo-signing, and he has repeatedly gone after financial institutions that weakened employees’ pension funds by concealing material information from investors. Having worked alongside Rich when we both served as Attorneys General, I know he is a true consumer advocate and an outstanding nominee to lead this critical new agency.
“Unfortunately, despite Rich’s impressive background and qualifications, some of my Republican colleagues are refusing to allow a confirmation vote on his nomination. They do this not because they doubt Rich’s qualifications, but because they resent the agency he has been nominated to lead, whose sole task is to protect consumers – in fact, earlier this year, 44 Senators wrote President Obama and threatened to block any nominee for the Consumer Financial Protection Bureau until the agency’s structure and authority was gutted. People in Connecticut and across the country expect serious bipartisan leadership, especially when it comes to cracking down on the abuses that sent our economy into a tailspin. I urge my colleagues from both sides of the aisle to work together to confirm swiftly Rich Cordray’s nomination to head the CFPB.”
Cordray formerly served as the Attorney General for the state of Ohio, and has been serving as head of enforcement for the CFPB, the agency created by the landmark Dodd-Frank financial regulatory legislation passed by the previous Congress and signed into law by President Obama.